The Bitwise Q3 Crypto Market Quarterly Review highlights that the crypto market experienced a relatively quiet quarter with negative price movement and low trading volumes. However, the report suggests that the industry has shown resilience, citing several positive indicators such as the strong price performance on the year, significant growth in blockchain revenue, and sustained interest in DeFi. Additionally, the report mentions pending catalysts like the potential approval of a spot bitcoin ETF and the upcoming bitcoin halving.
2023.10.31·
static.bitwiseinvestments.com·40 min read·TLDR Crypto
The CME has ascended to second place among bitcoin futures exchanges, boasting a notional open interest of $3.54 billion. This shift puts it right behind Binance, which has been losing share throughout the year, stirring debate among analysts over whether this signifies increased institutional buying.
In this thread, Punk6529 suggests that NFTs should be treated as a consumption decision rather than a wealth management strategy. He compares spending on Halloween to the permanence of NFT art to illustrate his point. He also paints a vision for how this demand might scale as more users onboard into the crypto ecosystem.
In a fireside chat with Paul Tudor Jones, Stanley Druckenmiller likened Bitcoin to gold as a store of value, said he regrets not owning any, and acknowledged the younger generation's preference for it.
This post provides a list of 28 attack vectors in DeFi, from reentrancy to rug pulls and more. The post emphasizes the need for vigilant system design and user caution to combat these attack vectors.
The Dynamic Scooter Model B [5] might be the smallest and lightest e-scooter out there. Join the oversubscribed Kickstarter [5] for early bird pricing and many other goodies.
SEC Commissioner Hester Peirce has expressed disagreement with the SEC's recent case against crypto company LBRY, arguing that its enforcement-driven approach to the crypto industry is flawed. She questions whether the closure of LBRY, an operational company with real-world blockchain applications, actually benefits investors or the market. For context, Peirce has consistently advocated for a spot bitcoin ETF and leniency towards crypto, emphasizing the need for clear regulations before enforcement.
Gemini Trust filed a lawsuit against bankrupt Genesis Global Holdco and DCG, claiming it should have access to GBTC shares worth around $1.6 billion. It alleges that these shares were promised as collateral for loans by Gemini users in the Gemini Earn Program. Furthermore, Gemini argues Genesis has hurt users by delaying the return of their assets. Both firms are facing regulatory scrutiny, while Genesis' lending unit has filed for bankruptcy.
Arbitrum has officially launched Arbitrum Orbit on mainnet, an advanced scaling technology for launching customized blockchains. Orbit chains include Xai Games, Cometh, SyndrHQ, Polychainmon, and others forming an expanding ecosystem. Orbit provides solutions for ultra-low-cost transaction fees and smart contracts in Rust, C, and C++ with full EVM compatibility. The technology will also allow for future upgrades, including validation, MEV capture, cost reductions, and more.
Neo announced a new EVM-compatible sidechain aimed at empowering developers to deploy smart contracts and expand DeFi use cases. The sidechain focuses on countering MEV attacks to maintain platform integrity and prevent user losses. Neo aims to offer a secure and reliable DeFi experience with transparency of transaction metadata and identity protection. The sidechain remains connected to the Neo Mainnet through Neo's native GAS token.
This thread goes over the five stages of the Bitcoin Halving set for April 2024, including how Bitcoin typically trades around its halvings. These stages include the pre-halving period, the pre-halving rally, pre-halving retrace, re-accumulation, and the parabolic uptrend. Historically, retraces during the pre-halving have yielded great returns post-halving. The re-accumulation stage often tests investor patience, yet leads to the uptrend stage that typically sees Bitcoin reach record highs.
Numerous rollup frameworks and Rollups-as-a-Service platforms have been launched, leading many to wonder about their viability for value accrual. Although direct value primarily accumulates at the execution layer, rollup frameworks can acquire indirect value through widespread use and enhancements. Some may also share revenue, facilitating semi-direct value accumulation. Striking the right balance between collaboration and competition will be key for these frameworks and platforms' sustainable growth.
ETH Hong Kong highlighted how Hong Kong is emerging as a hub for crypto investment and startups amidst China's economic and regulatory shifts. A lot has changed since 2020. Many of the key players have shifted. The macro environment has significantly changed, with some places like Hong Kong embracing the technology while other countries lag behind in regulations.
Bitcoin surged to $35,000 last week, leading to the highest spot volume trading day since spring at above $24 billion. This price increase was attributed to more bullish news on a potential Bitcoin exchange-traded fund, which could attract additional capital into the space. Bitcoin’s price surge also spilled over into ETH, SOL, and other alts.
In this thread, Raoul Pal discusses how global liquidity affects crypto prices, noting many of the various liquidity measures he tracks are inflecting in positive directions.
NFT artists Ryder Ripps and Jeremy Cahen are being ordered to pay Yuga Labs $1.57 million plus legal fees for copyright and trademark infringement in a "copycat" NFT lawsuit.
"EVM Mastery" offers a comprehensive list of resources aimed at better understanding and utilizing the Ethereum Virtual Machine. This resource can help developers learn how to write, deploy, and audit smart contracts and decentralized applications. It leverages a combination of articles, videos, papers, puzzles, and more to help developers master the topic.
SushiXSwap v2 introduced several new features designed to streamline and strengthen its cross-chain swapping function. Among the updates, the platform added the Base network and Circle-backed USDC integration, creating a total of seven chain-agnostic token-swapping networks. New payload executors will allow swaps to be charged on the source chain, reducing dependence on destination chain tokens. Future developments will include further blockchain integration, swappable adapters, and improved cross-chain transactions with Chainlink's CCIP.
This in-depth research report goes over Rollbit, which operates as a gaming and gambling platform with a casino, sportsbook, and futures trading platform. The platform offers various games, including Plinko, X Flip, Rollbit Bonanza, X-Roulette, X-Crash, and RollerCoaster. The sportsbook allows betting on traditional sports and esports, while the futures trading platform offers leverage trading on cryptocurrencies. On top of this, Rollbit implements a token-burning mechanism, with a portion of revenue used to buy back and burn their RLB token. This report dives into the mechanics of the platform and its tokenomics and provides an analysis of its usage and revenue.